Element 25 Limited · ASX:E25
Element 25 — Investor Presentation (March 2026)
31 slides from Element 25's investor presentation, Mar 3, 2026
Slide 1: Building a Global Manganese Business
Building a Global Manganese Business Sustainable manganese ore and HPMSM for global steel and battery markets. Investor Presentation PDAC Toronto (March 2026) ASX : E25 OTCQX : ELMTF
Slide 2: Disclaimer
Disclaimer This presentation (Presentation) contains only a brief overview of Element 25 Limited and its associated entities (Element 25 or E25) and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Element 25's projects, may
Slide 3: Element 25 Introduction
Element 25 Introduction Share Register: Expanding the 100% owned Butcherbird Manganese Mine in Western Australia to produce high-quality manganese oxide concentrate. Retail Stellantis Board & Management Developing a USA-based refinery to supply ethical ATM Facility battery-grade High Purity Manganes
Slide 4: Strategic Vision to Create Shareholder Value
Strategic Vision to Create Shareholder Value Butcherbird Expansion Louisiana HPMSM Expand Globally 1.1Mt p.a. Manganese Concentrate1 USA Critical Raw Materials2 HPMSM Expansion - EU & Asia Build and commission a large-scale processing Construct the first US HPMSM processing facility Multiple HPMSM m
Slide 5: The Butcherbird Manganese Project
The Butcherbird Manganese Project
Slide 6: Butcherbird Manganese – Supplying Steel & Battery Industries
Butcherbird Manganese – Supplying Steel & Battery Industries World Class Resource1 Long-Life Mine Large Scale Production2 >270M tonnes >18 years production 1.1M tonnes per year ▪ Unique geology - very clean metallurgically – no toxic contaminants. ▪ Located in Australia, a Tier-1 jurisdiction with s
Slide 7: Simple Geology: Low-Cost, Low-Impact Operations
Simple Geology: Low-Cost, Low-Impact Operations Classification Tonnes (Mt) Mn (%) Contained Mn (Mt) RESOURCE GROWTH POTENTIAL Resource1 274 10.0 27.4 • Large resource offers long term Reserve2 101.4 10.4 10.5 operating potential. • Mineralisation outside existing resource provides upside. • Ore suit
Slide 8: Large, Long-Life Manganese Mine in Western Australia
Large, Long-Life Manganese Mine in Western Australia E52/2350 M52/1074 CONSTRUCTION READY Mining Reserve: 101.4Mt @ 10.4% Mn1 • Granted Mining Lease • Fully Permitted Coodamudgi • Early Procurement Commenced • Existing infrastructure Yanneri (bore fields, TSF, Ridge roads, camp) • ~12 Month Measured
Slide 9: Butcherbird to Expand to 1.1Mt p.a. Production
Butcherbird to Expand to 1.1Mt p.a. Production New, re-designed and expanded processing facility to optimise and scale the process. LOGWASHER Key Metrics Unit Value Ore Mined Ktpa 6,100 Concentrate Prod. Ktpa 1,100 SCREEN DMS PLANT Concentrate Grade Mn 31.6% Undiscounted AUD (pa) $70.5 Cashflow Mine
Slide 10: Butcherbird Expansion – Process Optimisation: Ore Crushing
Butcherbird Expansion – Process Optimisation: Ore Crushing Upgrade 1 - Crushing: Butcherbird Stage 1 Pilot Case Study 2: 1: Opportunity: Better clay handling Grizzly/Jaw Crusher •Process Upgrade: FMG Solomon Brazil Mine • High clay feed material can cause OreSizer Mineral • Type:/Rolls Iron Ore Baux
Slide 11: Butcherbird Expansion – Process Optimisation: Grade/Quality
Butcherbird Expansion – Process Optimisation: Grade/Quality Upgrade 2 – Quality/Grade: Low-density/lighter Dense media Separation (DMS) is a mature process technology used in a waste shale particle wide range of mineral processing plants including iron ore and manganese Opportunity: Improve Product
Slide 12: Butcherbird Expansion Delivers Robust Economics
Butcherbird Expansion Delivers Robust Economics AUSTRALIAN FEDERAL GOVERNMENT (NAIF) TO PROVIDE $50 MILLION FINANCE PACKAGE FOR BUTCHERBIRD EXPANSION PROJECT2 • Northern Australia Infrastructure Facility (NAIF) to provide up to AU$50 million senior debt facility for Element 25’s Butcherbird Manganes
Slide 13: Butcherbird Expansion – Low Costs Underpin Strong Margins
Butcherbird Expansion – Low Costs Underpin Strong Margins Historical Mn Ore Price Cycles – US$/dmtu CIF China 36.5% Mn Index High Grade Index (historical) (historical) BBX AISC Cost (2025 FS) BBX Sale Price 44% Index Basis (Yrs 1-5 2025 FS) Reference: Project Blue 2025 13 Reference: Company ASX Rele
Slide 14: Butcherbird Expansion Project – Fast Track to Production
Butcherbird Expansion Project – Fast Track to Production • Detailed engineering well advanced utilizing Integrated project Team (IPT) approach. • Long lead time procurement progressed with orders placed for crusher and logwasher equipment. • Key construction and operational contracts being finalised
Slide 15: Butcherbird Expansion Project Timeline Guidance
Butcherbird Expansion Project Timeline Guidance BBX Project Schedule Summary 2026 2027 Quarter 1 2 3 4 1 2 3 4 Month J F M A M J J A S O N D J F M A M J J A S O N D Major Milestones E25 Board FID Commissioning Complete Commercial Production Major Activities All Approvals and Permitting Project Finan
Slide 16: High Purity Manganese Strategy
High Purity Manganese Strategy
Slide 17: Manganese Is Comparatively Abundant But Not Everywhere…
Manganese Is Comparatively Abundant But Not Everywhere… • Manganese deposits heavily concentrated in Manganese ore global distribution: challenging jurisdictions. • Australia is the only allied country with significant manganese reserves and production. • Australian manganese production declining wi
Slide 18: Manganese Is Abundant But Refining Capacity Is Not…
Manganese Is Abundant But Refining Capacity Is Not… Refined battery grade manganese capacity is heavily concentrated in China. Manganese South Africa Ore China Other Refined Manganese Breaking the Chinese Supply Chain Dominance • Refined manganese (HPMSM) capacity is heavily concentrated with >95% o
Slide 19: Improved, Cost-Competitive, Cleaner Process Technology
Improved, Cost-Competitive, Cleaner Process Technology The Element 25 Process brings significant changes & improvements: E25 technology enhances ESG profile by: • Eliminating waste residues. • Eliminating toxic Reagents like fluorine. • Increased efficiency and lower costs. Fewer Reagents Lower Emis
Slide 20: Global Refining Capacity in the Longer Term
Global Refining Capacity in the Longer Term ** Flagship Louisiana HPMSM Facility: EU EU & UK policy shifts are MoU signed with Nissan • Supply chain security needs driving competing with the IRA Chemical Corporation to capital flows into US projects. for investment in battery jointly develop HPMSM •
Slide 21: World-First Non-China HPMSM Refinery – Louisiana USA
World-First Non-China HPMSM Refinery – Louisiana USA WA Manganese Ore: Australian manganese concentrate supplying customers in traditional ferro-allow markets and planned Steel Vertically integrated critical battery battery grade manganese(HPMSM) raw material supply chain. production for US lithium-
Slide 22: Global EV Sales Outlook Remains Strong
Global EV Sales Outlook Remains Strong Global passenger-vehicle sales by drivetrain EV market share continues to grow: • Electric vehicles to reach over 50% market penetration by 2030 according to Bloomberg NEF. • Short term policy settings have reduced uptake in some markets but medium-term demand
Slide 23: Transition to Higher Manganese Battery Cathodes
Transition to Higher Manganese Battery Cathodes LMFP, LMR, LMNO and NMX cathode chemistries offer improved safety, higher energy density, reduced cost per kWh and greater supply chain flexibility. High Mn means reduced reliance on Ni and Co: Reduced nickel and very low to no cobalt content. Referenc
Slide 24: Louisiana Battery Grade HPMSM
Louisiana Battery Grade HPMSM
Slide 25: DoE MESC Grant - Supporting Local Raw Material Supply
DoE MESC Grant - Supporting Local Raw Material Supply Local Supply Chain Mn Ore Comminution • Process and supply chain developed to maximise U.S. industry US$166M Reductant involvement. Leach Grant • Working with partners GM and Acid Stellantis to supply low carbon HPMSM for EV batteries. Purificati
Slide 26: DoE Grant Award Underpins Project Capital Stack
DoE Grant Award Underpins Project Capital Stack • DoE US$166M grant award provides cornerstone funding to support project success1. • Louisiana HPMSM Project grant awarded under DoE’s MESC Battery Materials Processing Grant Program. • Binding grant agreements signed, award committed. • Grant support
Slide 27: Global Sustainable Secure Manganese Supply
Global Sustainable Secure Manganese Supply 1 • 18.3 Year Reserve within granted Mining Lease Long Mine Life • 274Mt Resource global resource with exploration upside 2 • Feasibility Study and project permitting complete Construction Ready • Northern Australia Infrastructure Facility (NAIF) finance of
Slide 28: The Planned Element 25 HPMSM facility in Louisiana, USA
The Planned Element 25 HPMSM facility in Louisiana, USA For Illustration Purposes Only 28 *Subject to successful project financing and permitting
Slide 29: Contact Details
Contact Details Justin Brown Media Inquiries: Managing Director Nathan Ryan Email: admin@e25.com.au Email: nathan.ryan@nwrcommunications.com.au Phone: +61 (8) 6375 2525 Phone: +61 (0) 420 582 887 ASX : E25 OTCQX : ELMTF
Slide 30: Butcherbird Manganese Mine - Resources & Reserves
Butcherbird Manganese Mine - Resources & Reserves 1 Ore Reserve Deposit Classification Tonnes (Mt) Grade (Mn%) Contained Mn (Mt) • Current Reserve: Proved 11.3 11.8 1.33 Yanneri Ridge • Only utilises approximately ~40% of Probable 70.4 10.2 7.15 Coodamudgi Proved - - - global Mineral Resource; Proba
Slide 31: Competent Person’s Statement
Competent Person’s Statement The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Justin Brown who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results and Exploration